The Organisation of Petroleum Exporting Countries (OPEC) has reported that the UAE is experiencing robust economic growth, particularly in its non-oil industries. In its latest November report, OPEC highlighted that the UAE central government finances showed continued strength in the second quarter of 2024, with revenues rising by 9.1 percent year-on-year (YoY), a significant increase from 4.3 percent YoY in the first quarter of 2024.
This growth was largely attributed to enhancements in tax revenue, reflecting both an uptick in economic activity across the country and the successful rollout of tax code reforms. The report also noted that tax revenues for the second quarter of 2024 reached AED95.5 billion (approximately $25.9 billion), while total revenue amounted to AED143.2 billion (around $38.9 billion).
Read more: Top 5 market highlights to monitor this week
Additionally, the report indicated that compensation for employees and social benefits has grown, suggesting that the underlying economic fundamentals remain strong. It also pointed out that tourism in Dubai continues to flourish, with the emirate attracting 11.9 million international visitors from January to August 2024, surpassing the 11.1 million visitors recorded during the same timeframe in 2023.
Moreover, the S&P Global UAE Purchasing Managers’ Index (PMI) has further moved into expansionary territory, rising to 54.1 in October, up from 53.8 in September, which was fueled by an increase in new work orders and a growing demand.
For more economy news, click here.
